ONGC's Q1FY21 result was a beat to our forecast on EBITDA and Net profit front. Revenue was down 51% YoY to Rs130bn on the back of lower crude oil & gas volume and realization both. Oil sales volume declined by 2.6% YoY to 5.2mmt whereas gas sales volume declined by 15% YoY to 4.2bcm. Net oil realization also declined 57% YoY to US$28.7/bbl while net gas realization dipped 35% YoY to US$2.7/mmbtu. Consequently, EBITDA fell by 63% YoY to Rs47.8bn whereas PAT declined 92% YoY to Rs5bn, negatively impacted by lower other income. The company expects gas price revision to see some changes and expects it to remain at higher levels in next revision....